Alteryx study reveals potential AI impact on future enterprise in Singapore

New independent research by Alteryx, the analytics cloud platform company, reveals the significant role that artificial intelligence (AI) is set to play in defining the enterprises of the future.

The study, entitled "Defining the Enterprise of the Future", utilised responses from 2800 global IT and business decision-makers to draw a three-year roadmap for businesses operating in an era of AI-delivered intelligence.

Innovation and regulation emerged as twin pillars guiding the reshaping of future enterprises. Singaporean business leaders, specifically, indicated an increased commitment to investing in advanced technology, with 58% stating their investment in such technology would rise.

Notably, 78% maintained that AI was already shaping what their organisations could achieve. Meanwhile, 41% stated they would invest in advanced technologies such as AI to adapt to a changing market environment.

Despite AI's prevalent role in today's business landscape, only 47% of those surveyed voiced expectations that AI would be universally adopted across all sectors and business functions. This sentiment lags behind the regional average of 54%.

Businesses' reticence could be attributed to ethical considerations such as data privacy (35%), transparency (33%), and data governance (26%), and the resultant emphasis on strong regulation.

A striking 85% of Singapore's leaders believe that AI usage, including generative AI, should be regulated within their sectors. An overwhelming 90% expressed their belief that such policies would facilitate responsible AI implementation, while 41% expressed concern about workplace appeal without an ethical AI framework.

The research also underscored the impact of AI on the future enterprise's key skill sets. Nearly 30% of respondents viewed the increasing volume and diversity of data as the largest threat to an AI-driven future.

This perception has led to a call for a multi-skilled workforce to cope with this data-driven future. Companies are moving away from hiring for highly specialised skills toward hiring for a range of functional areas.

Two-thirds (66%) of Singapore's business leaders consider it more important for their employees to be multi-skilled than specialised. There also seems to be a growing demand for soft skills like adaptability (24%), communication (21%), and digital literacy (21%), alongside traditional hard skills.

Philip Madgwick, Senior Director, Asia at Alteryx, opined on the developments, "Our research findings closely align with Singapore's efforts to leverage the transformative power of AI, highlighting the crucial roles of upskilling initiatives, empowering the workforce with technology and the appropriate guardrails to meet governance and regulatory requirements."

"Accessible, secure, self-service analytics and automation technologies are central to this journey, not only as tools but catalysts for businesses to harness AI, drive innovation and maintain a competitive edge."

Alteryx, Inc. conducted the research in collaboration with Coleman Parkes in September and October 2023. The survey targeted IT decision-makers, data analysts, and line of business leaders and focused on the shifting shape of the enterprise of the future.